An Open Letter To The Banks Regarding Deadlines

Lost in the day to day business of making home loans seems to be the banks' realization that their actions (and inactions) have real consequences to PEOPLE. While the folder on your desk may be just another file to you, your failure to maintain a true sense of urgency regarding deadlines has a ripple effect beyond just your customer, but to everyone involved in the transaction. This isn't just a matter of impacting the buyer, but everyone in an entire chain of transactions. The sellers of the home are probably making another purchase too, so delaying our buyer delays the sellers. One deal ripples across the entire surface of our community and who knows how far away it stops?

When the purchase offer is made we confer with you to make sure the proposed closing date is realistic. So when that date approaches and THEN you start adding uncertainty about completing the loan on time, the impact is significant. Without a firm date to KNOW that closing can be held, the consequences start to mount. The buyer's moving van already has all their belongings on it, but we can't arrange delivery because we're still waiting on you. All parties are held hostage to your moving target date, and we get the feeling that deadlines don't mean much to you.

In our business, deadlines are crucial. Specific times to negotiate the offer, so many days to conduct inspections, limited times to complete each step and consequences for our clients if the dates aren't met. Please stop being the weak link in the deadline chain, the rest of us get the urgency, do you? And what do you think your customer is going to tell his friends and coworkers about your inability to let him get his new house on time? Do you think we're going to recommend your bank to future buyers?